- CITH consolidated around LKR 4.10-4.30 with relatively very high volumes - Now breaking out from the consolidation area
Technical Analysis (Chart Patterns)
* Currently CITH is making a Reverse Head & Shoulder pattern break out with a re-test * Printed a 20/50 MA cross * On 20th June 2024 CITH closed above 150 MA with volume
Potential Pattern Targets
* Pattern target LKR 5.80
Fundamentals & business outlook
* Post rights NAV is about LKR 9.80 * PBV 0.46 * About LKR 650 M of rights issue funds will be utilized to reduce debt * Q4/2024 EPS LKR 0.31 * As interest rates of the country is falling, interest burden of the company is reducing drastically * Tourism arrivals are continuing to grow
Speculative Points
* WHAT MIGHT BE THE REASON MANAGEMENT DECIDED TO SETTLE INTERCOMPANY LOANS IN THE GROUP? * WILL CITH DISPOSE IT'S HOLDING IN CLND (Colombo Land PLC)
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